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the president on entitlement spending. speaker boehner on upper income tax rates. speaker boehner, though, could not get conservative republicans to go along and seemed at a loss on what to do next. >> we can't cut our way to prosperity. we need real economic growth. many of us believe on both sides of the aisle on the fundamental reform of the tax code will help us get our economy moving faster and put more americans back to work. and more americans on the tax rolls. how we get there, god only knows. >> president obama, meantime, seemed to lose patience. no sign he's eager to go off the cliff, but he's also not ready, either, to get in his words, what he'll get for free when the bush tax cuts expire tuesday morning. democratic lawmakers, though, are more willing to let that and everything else happen and both sides are still pointing fingers. take a look at mitch mcconnell and harry reid just this afternoon. >> you'll excuse me if i'm a little frustrated at the situation. >> republican leader finds himself frustrated. >> i say i'm frustrated because we have been a
the president on entitlement spending. speaker boehner on upper income tax rates. speaker boehner, though, could not get conservative republicans to go along and seemed at a loss on what to do next. >> we can't cut our way to prosperity. we need real economic growth. many of us believe on both sides of the aisle on the fundamental reform of the tax code will help us get our economy moving faster and put more americans back to work. and more americans on the tax rolls. how we get there,...
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on spending cuts president obama proposed $1.2 trillion, about equal to what he was asking in revenue. boehner passed draconian spending cuts in the house with no revenue component. on extended unemployment insurance, another check for the president. nada for boehner. on the debt limit president obama proposed a structure similar to what republican leader mitch mcconnell proposed last year. boehner wants to hold the nation's full faith and credit hostage once again to attain even more spending cuts. president obama even threw in an added incentive for republicans, by agreeing to a change in the way social security increases are calculated. no such olive branch was ever extended by republicans. get your cell phones out. i want to know what you think. tonight's question, is john boehner's move to reconvene the house a face-saving political move or a genuine effort to reach a deal? text a for political. text b for genuine effort. to 622639. or go to our blog at.msnbc.com. i'll bring you the results later in the show. joining me now is legendary congressman charlie rangel of new york. con
on spending cuts president obama proposed $1.2 trillion, about equal to what he was asking in revenue. boehner passed draconian spending cuts in the house with no revenue component. on extended unemployment insurance, another check for the president. nada for boehner. on the debt limit president obama proposed a structure similar to what republican leader mitch mcconnell proposed last year. boehner wants to hold the nation's full faith and credit hostage once again to attain even more spending...
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Dec 28, 2012
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. >> why have you been so consistently supportive of obama? >> i can't even imagine thinking about what would happen to the supreme court if a republican were the president, you know? i mean, citizens united is a horrible thing that people can spend and waste this amount of money on elections? think of all the -- you know, the people that could benefit from that money, you know? >> there have been two elections since i've been in america, there have been two elections where one party has had far more financial firepower than the other. one was here in california with meg whitman, one was nationally, but romney clearly had more money than obama. for most of that campaign. in both cases, the one with the most money lost. >> isn't that great? >> what does that tell you? >> people are getting smarter. i don't like all this amount of money spent on this election. there should be a give -- campaign finance reform is very important. i hope somebody does something about it. you should have a given amount. equal amount. equal air time and that's it. yo
. >> why have you been so consistently supportive of obama? >> i can't even imagine thinking about what would happen to the supreme court if a republican were the president, you know? i mean, citizens united is a horrible thing that people can spend and waste this amount of money on elections? think of all the -- you know, the people that could benefit from that money, you know? >> there have been two elections since i've been in america, there have been two elections where...
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Dec 28, 2012
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obama never even put spending cuts on the table. he's putting spending increases on the table for another round of solyndra stimulus spending. he was willing to save money, $1 trillion, but not occupying iraq for the next decade. they kicked him out of the country a little while ago, but he wanted to count that like not continuing the war of 1812 as his budget cut. >> don't you feel though we're at such a fiscal crisis situation that there needs to be compromise on both sides though? there has to be some give to get something done? >> oh, absolutely. look, the republicans passed the ryan plan which saves $6 trillion over the next decade. reforms entitlements. reforms taxes. what we need is some spending restrai restraint. maybe we don't get all $6 trillion that the republicans were tough enough and strong enough and brave enough and courageous enough and serious enough to pass a budget. you talked about harry reid picking on me. harry reid suggesting that i'm the reason they haven't done anything is a little bit silly. he ought to l
obama never even put spending cuts on the table. he's putting spending increases on the table for another round of solyndra stimulus spending. he was willing to save money, $1 trillion, but not occupying iraq for the next decade. they kicked him out of the country a little while ago, but he wanted to count that like not continuing the war of 1812 as his budget cut. >> don't you feel though we're at such a fiscal crisis situation that there needs to be compromise on both sides though?...
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obama to suggest i've cut a trillion in spending because he saved money on the wars in afghanistan is gimmicks. they a work. >> i have to be honest, it's both sides. it strikes me these lawmakers on either side don't have a real fix to what we're looking at, the national debt, screaming out of control. we're going to exceed that limit on monday night. >> i wouldn't disagree but look at the facts. we did have a republican controlled congress that passed a bill. if reid didn't like the bill, let it go for debate. let his senate vote it down and say no, we're not going to accept these conditions. >> let me ask you this, then. interesting question. president obama gets his own deal, sends it over to the republicans, they have the same dilemma. >> well, they may. but i think you would at least see a fair dee beat. look, i think the average american realizes we have to cut spending. you know the numbers. >> craig, i have to ask you -- i have to stop you. i don't think they do. we ran a package yesterday, we sent the producer out on the street, showed people how much more they would pay in t
obama to suggest i've cut a trillion in spending because he saved money on the wars in afghanistan is gimmicks. they a work. >> i have to be honest, it's both sides. it strikes me these lawmakers on either side don't have a real fix to what we're looking at, the national debt, screaming out of control. we're going to exceed that limit on monday night. >> i wouldn't disagree but look at the facts. we did have a republican controlled congress that passed a bill. if reid didn't like...
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Dec 28, 2012
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adam: we will. >> 5:45 president obama deliver as statement here at the white house. as far as spending cuts are concerned, you see this argument, you typically hear republicans say, government spending doesn't create jobs. however when it comes to a number of defense cuts when it hits in their districts a number of them, if it hits companies in their districts well you have to stop defense cuts using an economic argument. when you talk about the $94 billion, well, yes there are economic effects that will be felt, the $94 billion in cuts down as sequester, you have to put that in perspective the sandy supplemental bill started out $60 billion. one storm could wipe out all the savings or. adam: that sandy supplemental bill is 60 billion, 45 billion according to taxpayers for common sense is stimulus spending that doesn't involve the hurricane. dan, i will come back to you after we listen to sound bite from harry reid, senate majority leader commenting on the negotiations today. here is what he said. >> okay. we had a long meeting in the white house. it was very constru
adam: we will. >> 5:45 president obama deliver as statement here at the white house. as far as spending cuts are concerned, you see this argument, you typically hear republicans say, government spending doesn't create jobs. however when it comes to a number of defense cuts when it hits in their districts a number of them, if it hits companies in their districts well you have to stop defense cuts using an economic argument. when you talk about the $94 billion, well, yes there are economic...
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Dec 28, 2012
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and don't forget, these are the bush-obama tax cuts. all the president needs to do is actually propose some spending cuts. i think with geithner's admission that the debt ceiling will be burst through on december 31st clearly shows it's a problem. it's time to cut spending, not for now but future generations that have to pay this off. >> it seems to me, congressman gohmert, the bush tax cuts have been law since 2001-2003. it seems if the president doesn't want to go over the fiscal cliff, you guys pass the bill, harry reid could do something he hasn't done in over three years, pass it in the senate, give it to the president, and nobody's taxes are going to go up, crisis averred and then they can spend team after the new year negotiating tax reform, entitlement reform, living within our means. why don't they just do that? >> well, they could, but they want to demonize the house. they want to pontiff indicate without actually doing anything in the way of legislating. sean, if you look back at the history, the deficit ceiling bill back a y
and don't forget, these are the bush-obama tax cuts. all the president needs to do is actually propose some spending cuts. i think with geithner's admission that the debt ceiling will be burst through on december 31st clearly shows it's a problem. it's time to cut spending, not for now but future generations that have to pay this off. >> it seems to me, congressman gohmert, the bush tax cuts have been law since 2001-2003. it seems if the president doesn't want to go over the fiscal cliff,...
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Dec 28, 2012
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big spending cuts at the pentagon. and all the polls show that the republicans are going to be blamed for all of this. so obama -- as the one guy in this town that wants a deal more than anyone. on the other hand, he's probably the guy that purely political benefits the most after january 3rd satisfy in a stronger negotiating position. he'll also have, remember, a few more democrats in the house and in the senate. so the white house will be strengthened after this happens. but a lot of people in the white house and treasury department don't want that to happen because they think the markets may freak out. already the markets are reacting to the news within the last hour. yesterday the markets dipped a little bit on reid's comments in the senate. so they are worried about the economy. i think purely politically, obama will be strengthened once we go over. >> ryan lizza, thank very much. it's going to be an interesting couple of days. >> yeah, it sure is. >> thanks, ryan. >>> weapons of war on the streets of los angeles.
big spending cuts at the pentagon. and all the polls show that the republicans are going to be blamed for all of this. so obama -- as the one guy in this town that wants a deal more than anyone. on the other hand, he's probably the guy that purely political benefits the most after january 3rd satisfy in a stronger negotiating position. he'll also have, remember, a few more democrats in the house and in the senate. so the white house will be strengthened after this happens. but a lot of people...
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and compromise includes spending cuts and tax hikes. >> can i get a word in, guys? >> brent, the republicans passed a bill. the republicans pass it had. senate democrats haven't passed a bill in 1300 days. you have to be kidding me. >> it's much easier for the democrats to sit and file their nails and say those awful republicans. look at those awful republicans go. the democrats haven't done anything. now what is the opposition to this super tax on the greedy rich? well, the republicans have argued for 20, 30, 40, 50 years that high taxes stifle economic growth. president obama said two years ago when he didn't do this two years ago, he said the wrong thing to do in a bad economy is to raise taxes. now suddenly both sides are considering doing exactly that. you've got three different studies of that shown that if you raise these taxes, you are going to kill somewhere between $700,000 and -- 700,000 and 1.1 million jobs. but all that not be standing, it has nothing to do with the issue. the issue has been, will continue to be, spending. >> okay. >> that's what no one
and compromise includes spending cuts and tax hikes. >> can i get a word in, guys? >> brent, the republicans passed a bill. the republicans pass it had. senate democrats haven't passed a bill in 1300 days. you have to be kidding me. >> it's much easier for the democrats to sit and file their nails and say those awful republicans. look at those awful republicans go. the democrats haven't done anything. now what is the opposition to this super tax on the greedy rich? well, the...
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president obama welcomes congressional leaders at the top of the hour. will come up with something to avoid automatic spending cuts? that go into effect in a couple days? rich edson is in washington d.c. with the latest. rich: it is a last-ditch attempt between top democrat and republican in the house and senate and the obama administration. aids describing a potential path forward, smaller compromise involving an extension of tax rates for income less than $500,000, extended unemployment benefits, measures to assure tens of millions of americans avoid the alternative minimum tax, other items, congress would figure the rest out next year under such a scenario but that is not an official proposal, a deal that aides say could have house and senate if democrat and republican leaders agreed to it. currently there is no agreement, just lawmakers assigning blame. >> millions of americans are out there struggling and certainly they deserve congress that will avoid going over the fiscal cliff. which is why the president has been working to bring the leaders toge
president obama welcomes congressional leaders at the top of the hour. will come up with something to avoid automatic spending cuts? that go into effect in a couple days? rich edson is in washington d.c. with the latest. rich: it is a last-ditch attempt between top democrat and republican in the house and senate and the obama administration. aids describing a potential path forward, smaller compromise involving an extension of tax rates for income less than $500,000, extended unemployment...
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he said 800 billion is what he said during the election. >> and 6 trillion. >> yeah. >> spending is not the problem. >> no, i agree with you. >> i'm sorry. >> revenue is not the problem. >> yeah. >> it's been a long week, hasn't it? >> good luck on sunday, let's see what happens and we'll have you back afterward and see what's going on. >> let's get the market reaction. eamon hinted at this, and capital growth management and brian kelly, the co-founder of shelter harbor capital. can we bring up that chart again, guys so people can understand what happened today? we are showing you a one-day chart of both the dow, all three, the dow, the nasdaq and the s&p. this is a one-day chart. so harry reid comes out and says, folks, we are going off the cliff and the markets start to tumble and tumble and tumble and tumble and then 3:00 in the afternoon you see the sharp rise up and the house is coming back the in the session on sunday night to do something. we don't know what and the markets managed to get back to flat. so ken heebner, the market seemed to care about the deal getting done. is it g
he said 800 billion is what he said during the election. >> and 6 trillion. >> yeah. >> spending is not the problem. >> no, i agree with you. >> i'm sorry. >> revenue is not the problem. >> yeah. >> it's been a long week, hasn't it? >> good luck on sunday, let's see what happens and we'll have you back afterward and see what's going on. >> let's get the market reaction. eamon hinted at this, and capital growth management and brian...